Mutual of America Capital Management LLC Sells 8,111 Shares of Ovintiv Inc. $OVV

Key Points

• Mutual of America Capital Management LLC reduced its stake in Ovintiv Inc. by 2.7%, now owning 287,304 shares valued at approximately $10.93 million.
• Ovintiv last reported earnings per share (EPS) of $1.02 for the quarter, missing the estimate by $0.02, with revenues reaching $1.79 billion.
• The company recently paid a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 3.3%.

Mutual of America Capital Management LLC trimmed its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 287,304 shares of the company's stock after selling 8,111 shares during the quarter. Mutual of America Capital Management LLC owned 0.11% of Ovintiv worth $10,932,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in Ovintiv by 72.1% in the 1st quarter. GAMMA Investing LLC now owns 5,551 shares of the company's stock valued at $238,000 after buying an additional 2,326 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Ovintiv by 65.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 65,439 shares of the company's stock worth $2,801,000 after buying an additional 25,817 shares during the period. State of Alaska Department of Revenue increased its position in shares of Ovintiv by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 30,500 shares of the company's stock worth $1,305,000 after buying an additional 820 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Ovintiv by 71.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,113 shares of the company's stock valued at $390,000 after buying an additional 3,813 shares in the last quarter. Finally, Paradiem LLC bought a new position in shares of Ovintiv in the first quarter valued at $12,338,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Down 1.4%

Shares of OVV stock opened at $35.94 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a 50 day simple moving average of $40.46 and a 200-day simple moving average of $38.60. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 5.29 and a beta of 0.97. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. On average, equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.3%. Ovintiv's payout ratio is presently 53.10%.

Analysts Set New Price Targets

Several research firms have recently weighed in on OVV. Weiss Ratings reiterated a "hold (c-)" rating on shares of Ovintiv in a research note on Wednesday, October 8th. Roth Capital initiated coverage on shares of Ovintiv in a report on Monday, October 13th. They set a "neutral" rating and a $42.00 target price on the stock. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their target price for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Royal Bank Of Canada set a $55.00 target price on shares of Ovintiv and gave the stock an "outperform" rating in a report on Wednesday. Finally, Morgan Stanley lowered their target price on Ovintiv from $48.00 to $46.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.12.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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